Impacts of Criminalization on the State of Illegal Forex Trading with an Eye on Imam Khomeini’s Viewpoints

By virtue of the principle of consensualism in legal practices, there is no other factor to verify the accuracy of transactions other than the legitimate existence and consensus of the wills. In exceptions to this principle, though, such formalities as applying certain terms and wordings, official documentation, etc. shall be included among the conditions for verification of the authenticity of the transactions. In the case of illegal forex trading, which is considered an instance of smuggling, inattention to the prohibitions, in addition to its imperative ruling, will affect the binding power of the transactions and will terminate the trading. This means that the mandatory requirements for legal forex trading, in view of the private law, are the required formalities for the accuracy of these transactions. Given the above, it is impossible today to consider consensualism as the only required formality for accuracy of the transactions; rather, they must be included among the exceptions to the principle of consensualism in legal acts. A review of Imam Khomeini’s viewpoints on transactions, as the founder of modern rule of the Islamic jurisprudence, indicates that such a manner of setting rules and regulations is neither based on Islamic-legal jurisprudence not can it help the lawmakers to fight the chaotic illegal forex trading.